Forum Energy Technologies (NYSE:FET) EVP Sells 5,000 Shares

Forum Energy Technologies, Inc. (NYSE:FET) EVP John Ivascu sold 5,000 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $70.63, for a total transaction of $353,150.00. Following the completion of the transaction, the executive vice president directly owned 85,512 shares of the company’s stock, valued at $6,039,712.56. This represents a 5.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Forum Energy Technologies Stock Performance

NYSE FET traded up $3.72 on Tuesday, hitting $74.07. 429,773 shares of the stock were exchanged, compared to its average volume of 200,920. The company has a market capitalization of $837.31 million, a PE ratio of -493.78, a P/E/G ratio of 3.63 and a beta of 0.54. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.23 and a quick ratio of 1.09. The business’s fifty day moving average is $52.24 and its 200 day moving average is $53.88. Forum Energy Technologies, Inc. has a 52 week low of $18.12 and a 52 week high of $74.77.

Forum Energy Technologies (NYSE:FET) last announced its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.60. The company had revenue of $226.22 million during the quarter, compared to the consensus estimate of $212.35 million. Forum Energy Technologies had a negative net margin of 0.19% and a positive return on equity of 9.45%. Research analysts anticipate that Forum Energy Technologies, Inc. will post 2.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Forum Energy Technologies

Large investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Forum Energy Technologies by 66.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 152,403 shares of the oil and gas company’s stock worth $8,940,000 after acquiring an additional 60,711 shares during the period. Ritholtz Wealth Management bought a new position in shares of Forum Energy Technologies during the fourth quarter worth approximately $1,196,000. Hillsdale Investment Management Inc. acquired a new stake in Forum Energy Technologies during the 1st quarter worth approximately $7,682,000. Independent Financial Group LLC bought a new stake in Forum Energy Technologies in the 1st quarter valued at $1,746,000. Finally, Walleye Capital LLC bought a new stake in Forum Energy Technologies in the 1st quarter valued at $1,632,000. 65.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on FET. Wall Street Zen upgraded Forum Energy Technologies from a “buy” rating to a “strong-buy” rating in a report on Sunday. Zacks Research cut Forum Energy Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Forum Energy Technologies in a research note on Friday, July 17th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce”.

Forum Energy Technologies Company Profile

Forum Energy Technologies Inc is a global provider of advanced products and services to the oil and gas industry. The company’s offerings span the full lifecycle of exploration and production, including drilling, well construction, completion and production, and subsea operations. Key product lines include premium drill bits, downhole drilling motors, directional drilling tools, subsea umbilicals, and pressure control equipment, complemented by field service support and engineered solutions for complex projects.

Established through the merger of Forum Oilfield Technologies, Triton Group, Global Energy Group, and Allen International in 2010, Forum Energy Technologies has built a diversified technology portfolio designed to meet evolving industry requirements.